Prof. Doug Irwin: When Franklin Roosevelt became President, he went to open up foreign markets... as a way of getting out of the Great Depression
Tonight’s and next Tuesday night’s Chicago Metro suburban edition of Public Affairs airs at 8:30 pm (See locations and channels, below).
The Irwin episode also airs in Evanston tomorrow night and in Rockford and Aurora later this week (See details re airing locations and schedule, below).
All "Public Affairs," program episodes this week and next week feature Dartmouth Economics Department Professor Doug Irwin, who has written extensively (books and scholarly articles) during the last two decades on International trade theory and history.
Doug Irwin is Professor of Economics at Dartmouth College and he debates and discusses with "Public Affairs," show host Jeff Berkowitz the efficacy of President Trump’s anticipated international trade policies, some of the primary causes of the Great Depression or Great Contraction in the 1930s, the benefits to the U. S. and other countries of multilateral free trade agreements and much, much more.
You can also watch the show, featuring Professor Irwin, 24/7 on our youtube channel.
A partial transcript of the show is included below:
Dartmouth Economics Department Professor Doug Irwin: When you look at the share of the labor force in manufacturing, that’s been declining since the 1950s, that’s not a new phenomenon…so as we shift to a service economy, how do we help those employees adjust? As they are younger, they have many more opportunities to get new skills… the major problem is the older manufacturing workers…
Prof. Doug Irwin: for any developing country that cuts itself off from world markets, it’s not going to do well [A developing country needs the trade conduit of new technology; even the U. S. benefits some from a transfer of new technology via trade].
Prof. Doug Irwin: The concept of comparative advantage means that countries should specialize in products [or services] in which they have a relative productivity advantage…My wife is superior to me in all household activities, but that doesn’t mean I should sit back and do nothing … there are activities in the household where my margin of inferiority relative to my wife are the least-- and those are the activities I should concentrate on [this is similar to how a country decides where to focus its production activities]
Doug Irwin: One contributing factor to the economic chaos during the period of the Great Depression in the 1930s was the Smoot-Hawley tariff, which congress passed in 1930-- which led to retaliation against the U. S., which in turn led to a decline in world trade. Other countries followed the U. S. imposition of tariffs. They mimicked the U.S. and raised trade barriers, which weren’t good for the world economy.
Doug Irwin: So when Franklin Roosevelt became President in 1933, he went to open up foreign markets for U. S. exports as a way of getting out of the Great Depression [Ed. Note, aka the Great Contraction at the University of Chicago and a few other great graduate schools of economics, due to the sharp decline in the nominal money stock by the Federal Reserve in the early 1930s being known as the other major contributing factor to the U. S. Depression in the 1930s].
Professor Irwin: Secretary of State Cordell Hull is near and dear to economists’ hearts because he helped introduce the idea of reciprocal trade agreements—which reduce and reduced trade barriers in other countries and the United States [Ed. note: And expand and increased U. S. and world-wide well being].
Public Affairs, featuring Dartmouth Economics Department Professor Doug Irwin debating the issues with show host Jeff Berkowitz, airs this week [and next on same days and in same locations. The show also airs next Monday night in the City of Chicago at 8:30 pm and midnight on Cable Ch. 21 (CAN TV)] :
--Tonight at 8:30 pm on Comcast Cable Ch. 19 or Comcast Cable Ch. 35 in 24 Chicago Metro North and Northwest suburbs, as indicated, below:
--- Comcast Cable Ch. 19 in Buffalo Grove, Elk Grove Village, Hoffman Estates, parts of Inverness, Lincolnwood, Morton Grove, Niles, Northfield, Palatine, Rolling Meadows and Wilmette and on
----Comcast Cable Ch. 35 in Arlington Heights, Bartlett, Glenview, Golf, Des Plaines, Hanover Park, Mt. Prospect, Northbrook, Park Ridge, Prospect Heights, Schaumburg, Skokie, Streamwood and Wheeling.
---- Tomorrow night at 8:30 pm on Cable Ch. 6 in the City of Evanston
---- This Thursday night at 8:30 pm on Comcast Cable Ch. 17 in Rockford and surrounding areas
----and tomorrow night and Saturday night in Aurora and surrounding areas at 6:00 pm on ACTV-10 (Aurora Community Television).
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Tags: Chicago Booth, Dartmouth College, free trade, Gary Becker, George Stigler, Great Contraction, Great Depression and trade, import quotas, Jeff Berkowitz, MIlton Friedman, President Trump, Prof. Zingales, Professor Doug Irwin, Public Affairs, Smoot Hawley, Stigler Center, tariffs, Trump and the economy, Trump and trade, U. S. export, U. S. jobs, U.S. imports